All right, my friends. I got a question from Dave on my email. Hey Josh, I bought your book "Tax Bomb" and have a quick question on your example on page 40 with Dan and Sarah. He says if their social security is 70K, their provisional income is 35K, which is taxable according to the table on page 18. It won't be much, 50% of 3K, but it's not tax-free. And he says there's something I'm missing from your analysis. I get this question a lot, a lot about how Social Security is taxed, and I want to dive into that real quickly because it's actually quite simple once it's figured out. Now, let's use email use green, so let's dive right into this here, my friend. So welcome to Heritage Wealth Planning YouTube channel, the place you come to learn all about Social Security taxation. Once you figure this out, it's actually simple. But trust me when I got this, I'm a nice guy, I'm telling you, it's hard to remember how this works. Once you understand, you get it, but you still find yourself going back and forth, then you realize, oh yeah, I forgot. So let's draw it out. So in this case, we got, who do I got? My book, we've got Dan and Sarah, and they had their only income of 70k from Social Security. Alright, so we can say it doesn't really matter in this case who gets what. It's just seventy. Can I probably should draw a little bit poorer? A little bit cleaner. It doesn't matter who gets what, it's 70K. Can be ten for Dana 60 for Sarah, could be, it doesn't matter 70, okay? Social Security, alright. So remember, when they do provisional income, we take all of our income...
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What percentage of taxes should be withheld from social security checks Form: What You Should Know
All other Social Security-related paperwork should be done in the next few weeks. Is Social Security Taxable? (2017 Update) — SmartAsset.com Is Social Security For Tax Deductible? — Retirement.com Sep 4, 2024 — The current federal tax bracket is 10% (10% FICA, 6.2% FICA), the state rate is 7% (7% FICA), and the local rate is 6.2% (6.2% FICA). So if you paid Social Security taxes on your 2024 tax return it will be deducted. Your full Social Security withholding should have come in the last week in July or August to be able to file your taxes this year. Also keep in mind this income is subject to withholding at the federal level. So it will not come out until you've had a chance to pay federal tax. But a lot of tax lawyers are suggesting you file now and see how it works out. Social Security is an easy deduction and a tax cut for many people. For these people, it's a nice piece of the puzzle. Here are the key points on what you could and should do if you expect to be in the 10% or 14% area: Social Security Taxes By The Numbers • What does social security tax mean? It means that from a social security income standpoint your monthly benefits may be reduced or even eliminated, and you won't be liable for income taxes for the entire amount you earned. How Much Does Social Security Tax Mean (2018 Update) — Paying for Retirement.com Sep 19, 2024 — When you retire from work, you pay FICA taxes on the last 6,250 of your wages. This is called the basic FICA tax. Then when you start to get Social Security benefits, you are given an additional amount called the Additional Medicare Tax. Social Security Taxes on Earned Income Tax Return (FICA) — W.J.D. Sep 13, 2024 — When you file your return, you must file Form 1125 and specify to the USCIS how much you paid in Social Security and Medicare tax during the calendar quarter. This will tell a lot of tax lawyers about how high your income was. Your total Social Security and Medicare tax payments are divided up into 3 tax brackets. Each bracket is divided up into 6 tax brackets for taxable incomes between 14,000 and 42,000.
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